Africa eCommerce Holding, the operator of Africa’s leading e-commerce site Jumia, has closed a new round of funding from its existing investors that include German startup incubator and investor Rocket Internet. The €120 million round makes Jumia’s post-money valuation increase from €212.5 million to €445 million, according to the press release.
Africa Internet Holding GmbH (Africa Internet Group) is participating in this round with €108.3 million, with the remaining €11.7 million provided by other existing shareholders. Based on this financing round, Rocket Internet’s’s total share in Jumia increases from 26.9% to 28.7%.
Founded in 2012, Jumia has quickly expanded across the continent, operating in nine African markets: Cameroon, Egypt, Ivory Coast, Ghana, Kenya, Morocco, Nigeria, Uganda and Tanzania. The company also operates in the UK.
Jeremy Hodara, the CEO of Africa Internet Group said: “We are very pleased to have been given this show of confidence, which acknowledges Jumia’s success. We consider this a recognition of the huge potential of e-commerce in Africa and the strong momentum of JUMIA across the continent.”